White Mountains Acquires Majority Stake in Distinguished Programs MGA

White Mountains Insurance Group is set to acquire a majority stake in managing general agent Distinguished Programs in a $230 million transaction valued at around 51% ownership. The deal, expected to complete in Q3 2025 pending regulatory approval, supports White Mountains' strategy of expanding its presence in specialty MGA platforms within the property and casualty insurance market. Distinguished Programs manages over $550 million in annual premiums across 12 specialty lines, including commercial real estate, hospitality, cyber, and environmental liability, partnering with independent agents nationwide to deliver specialized insurance products.

Aquiline Capital Partners will retain a significant minority position post-transaction, while Distinguished's current leadership team will maintain operational roles and equity stakes. This acquisition follows White Mountains' recent investment in Bamboo Ide8 Insurance Services, further emphasizing its focus on niche MGAs to drive growth in specialty insurance sectors. Legal advisory teams from Cravath, Swaine & Moore LLP, Willkie Farr & Gallagher LLP, and Mayer Brown LLP are supporting the transaction.